RCKS Talk

18-Apr-2019

Magna Terra Minerals Inc

Hunting for Gold in Argentina

Impact: Mildly Positive

Magna Terra’s second batch of drilling results from its Luna Roja Project show promise and suggest the company may be edging towards discovery. We continue to believe that Magna Terra could see a significant re-rating with positive drilling news from its exploration in Argentina’s prolific Santa Cruz Province.

Highlights:
  • Via Lactea Fault showing promise. While still early days, we are encouraged that the first two holes reported from within the Via Lactea Fault returned gold. Hole LR-DDH002 returned 42m at 1.0 g/t Au within an oxidized tuff horizon, 145m along strike of Hole LR-DDH001 reported previously, which returned 51.4m at 0.26 g/t. Anomalous surface geochemistry along 3km of this fault bodes well for further drilling along the structure.
  • Round Mountain analog to the west? The wide gold mineralization reported in Hole LR-DDH002 is fairly evenly distributed within a flat lying tuff horizon which extends for at least 200m to the west of the Via Lactea fault, under cover. We note that this untested horizon represents a new and promising exploration target at Luna Roja, given its permeability and potential for hosting broad disseminated gold.
  • Encouraged by technical success within dome complex to the east of Via Lactea. Hole LR-DDH003, drilled 280m to the east LR-DDH002 did not return significant gold or silver values, but was consistently anomalous in arsenic and still within the mineralized system. Assays are pending for four more holes, all testing various IP targets within the dome complex to the east of the Via Lactea fault, which we expect to be released in the near-term.
 
Valuation:
Early signs from Luna Roja are encouraging. With a market cap of only C$3.1M, a significant ore grade intercept should cause Magna Terra to re-rate significantly. Pending results from its drill program should begin to shed more light on the potential of this very early stage project. Upcoming catalysts include 1) Assay results from 4 remaining holes (Q2/19).

 

05-Mar-2019

Magna Terra Minerals Inc

Drill Results Just the Start

Impact: Positive

Drill results from the first of eight holes at Magna Terra’s Luna Roja project are encouraging. We look forward to results for 7 holes which are pending given the company is testing what could be a large epithermal precious metal system. We view Magna Terra as an early stage explorer in Argentina’s prolific Santa Cruz Province, with a strong potential to re-rate with positive drilling news.

Highlights:  

  • Technical success with the first hole. Drilling at the project is targeting the Cruz Del Sur, Orion and Estrella del Norte targets which overly the north-northwest striking Via Lactea fault system. Assay results from the first hole drilled returned 51.4m at 0.26 g/t Au (LR-DDH001). Results are shy of being ore grade but encouraging given disseminated sulphides within hydrothermally altered volcanic rocks observed throughout. Assays are pending for 7 remaining holes to the north; visual inspection has identified wide intervals of disseminated sulphides and alteration in these holes which bodes well - but the proof will be in the pudding. 
  • Geophysics and geochem point to a large system. The company is drilling three target areas which cover 1.8km of strike within a 3km structural corridor. Results to date, suggest a large epithermal system is at work. Moreover, geophysics has identified an extensive 1km chargeability anomaly in the southern portion of this corridor near the Cruz del Sur target. We note that Hole LR-DDH001 terminates in disseminated sulphides in a dacitic dome within this chargeability anomaly.
  • Exploring in elephant country. Magna Tera’s Luna Roja project is situated in Argentina’s prolific Santa Cruz province. A number of major mining companies are operating in the region, including Goldcorp (Cerro Negro), AngloGold Ashanti (Cerro Vanguardia) and Yamana (Cerro Morro). OceanaGold recently joint-ventured Mirasol Resources Ltd’s La Curva project, which bears similarities to Luna Roja.  
Valuation:
We believe that Magna Terra is providing mounting evidence it could make a significant discovery. With a market cap of only C$3.2M a significant ore grade intercept, should cause Magna Terra to re-rate significantly. Results from its ongoing drill program should begin to shed more light on the upside potential of this project. Upcoming catalysts include 1) Assay results from 7 remaining holes (Q1/19)

 

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